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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -3.34 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Saunders International's Beneish M-Score or its related term are showing as below:
ASX:SND'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.78 Med: -1.82 Max: 8.83
Current: -3.34
During the past 13 years, the highest Beneish M-Score of Saunders International was 8.83. The lowest was -3.78. And the median was -1.82.
Saunders International Beneish M-Score Related Terms
Saunders International Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Saunders International's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ASX:SND vs PWR, FIX, EME: Beneish M-Score Comparison
For the Engineering & Construction subindustry, Saunders International's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Saunders International Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Saunders International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Saunders International's Beneish M-Score falls into.
Saunders International Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Saunders International for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 0.7645
+
0.528 * 0.9796
+
0.404 * 1.1428
+
0.892 * 0.9928
+
0.115 * 0.9622
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1867
+
4.679 * -0.144271
-
0.327 * 0.9133
=
-3.34
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(4.292 / (4.292 + 27.243))
/
(4.036 / (4.036 + 24.497))
=
0.136103
/
0.14145
=
0.9622
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(2.077 - 0.985
-
15.921)
/
102.786
=
-0.144271
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Saunders International has a M-score of -3.34 suggests that the company is unlikely to be a manipulator.
Saunders International (ASX:SND) has a Beneish M-Score of -3.34 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Saunders International and its competitors. According to the industry distribution chart, Saunders International ranks #163 out of 1698 companies in the Construction industry, placing it in the top 9.6%.
Is Saunders International's Beneish M-Score too high?
Saunders International's current Beneish M-Score is -3.34. Based on the distribution chart, Saunders International ranks #163 out of 1698 companies in the Construction industry, which is in the top quartile — a strong position relative to peers. Overall, Saunders International has a GF Score™ of 76/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Saunders International's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Saunders International ranks #163 out of 1698 companies for Beneish M-Score. This places Saunders International in the top 10% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Construction company?
A good Beneish M-Score depends on the Construction industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Saunders International and its competitors. Saunders International's current Beneish M-Score is -3.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Saunders International stock overvalued right now?
Based on GuruFocus' analysis, Saunders International (ASX:SND) is currently considered Fairly Valued. The stock's GF Value™ is A$1.04, compared to a current price of A$1.05 — trading 0.5% above its estimated fair value. The current Beneish M-Score is -3.34. Saunders International's overall GF Score™ is 76/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Saunders International (ASX:SND), the current Beneish M-Score is -3.34 as of Jul. 14, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Saunders International (ASX:SND) Overvalued in 2026?
Based on GuruFocus' analysis, Saunders International stock appears to be overvalued.
The current stock price of A$1.05 is trading 0.5% above its estimated GF Value™ of A$1.04.
GuruFocus considers Saunders International to be Fairly Valued.
Key valuation signals for ASX:SND:
Beneish M-Score: -3.34
GF Value™: A$1.04 vs. price of A$1.05 (0.5% above fair value)
No single metric tells the full story. See the ASX:SND stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Saunders International Ltd is a multidisciplinary Australian company providing engineering, construction, and industrial asset services. It is involved in delivering liquid storage and transfer, structural, mechanical and piping (SMP), industrial automation and electrical, civil infrastructure, and industrial asset services to organisations across Australia and the Pacific region. These activities are performed across the key markets of Defence and Government, Water, Energy and Resources and Industrials. The group operates in one reporting segment, being the provision of design, construction, fabrication, shutdown, maintenance, and industrial automation services to organisations of steel storage tanks and concrete bridges.
76GF Score
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